Back in 2004, then County Executive Glenn Reibman proposed a deal under which, in exchange for a quick $1.9 million, County Council would gamble that interest rates on fixed bonds would remain more attractive than those with variable rates. It's called a swaption. Financial experts in fancy suits from Concord Public Financial Advisors recommended rolling the dice, and kept the campaign coffers flowing for Reibman.
Five Council members decided to gamble with your money.
We lost.
It only ended up costing us around $25 million.
That's just one of many reasons why he's former Executive Glenn Reibman.
Others include, in no particular order: depleting County reserves to irresponsible levels; a seventy percent tax hike over two years; a top aide who spent time in the federal slammer for taking kickbacks from County vendors; another top aide engaged in wife-swapping adventures on County time; employees getting ill from all the dust and fiberglass particles that accompanied new construction at the courthouse; demolition of a state-of-the-art archives building; and layoffs.
Believe it or not, Glenn Reibman is seriously considering a race for County Executive next year. He still has at least $70,000 in his campaign warchest. He's got political friends in Jersey, too, which accounts for his job at The Delaware River Joint Toll Bridge Commission. And rumor has it he's got a friend in Allentown encouraging him to run - Mayor Edwin Pawlowski.
The rumor is that for Pawlowski, it's all about revenge. You see, Bethlehem Mayor John Callahan was less than enthusiastic about Allentown's Neighborhood Improvement Zone (NIZ). That would suck office tenants away from Bethlehem and anywhere else within a 25-mile radius of a ridiculously expensive hockey arena. Callahan never accepted King Edwin's trickle down theory of local economics. So, according to some sources, Pawlowski has been encouraging Reibman to run, and has even gone so far as to offer the services of his own campaign manager, Mike Fleck.
Whether this rumor is true or not is unclear. Mike Fleck calls a possible Reibman run an "interesting concept." He's heard about it, too. But he denies he's been asked to run the campaign yet, and states he does not know what he will do if asked. He also denies that Pawlowski and Reibman have spoken.
One person Glenn can't count on is political guru Jim Hickey, who dragged Reibman to victory in his second term as Executive. Hickey is firmly committed to the Callahan camp.
I'm not even sure he can count on Ron Heckman, who apparently is running for Council with the help of John Callahan. Heckman and Reibman are friends.
That leaves the Lamont McClures and Walt Garvins of this world.
I'm sure Glenn will do just fine with those masterminds steering the S.S. Reibman.
32 comments:
Reibman, Fleck, and King Edwin. That is one heck of a motley crew. McClure and Garvin round out the awesomeness on that dream team. Can Solomon legally have anything remotely associating with this debauchery?
Scientifically, I would what would be the total count of the existing and functioning cumulative brain cells for this group? It has to be a record.
I bet if they offered a chance to be locked in a room for ten minutes, with these guys and a baseball bat, NorCo could pay off all their debts.
Nice to see a civilized post like anon 12:33, is allowed to satnd, threats of violence and all.
O'Hare has deleted all other posts that point out he is just repeating Callahan Clan propaganda at the request of his Callahan Clan pal. We also know who that is.
You are fooling no one O'Hare, and neither is Callahan.
Also your attempt to link Heckman to Callahan and drive a wedge between friends is an epic fail.
Something you are use to.
Don't forget to include our Council Prez Julio in the gang. He labors with Glen as a public servant at the Bridge Commission.
Nice work if you can get it.
What a joke this entire valley and both parties are.
I don't know if Reibman would run but if he did he would probably win. There is a ton of buyers remorse on Stoffa. Proposed sale of Gracedale, bumbling county government and so on. Let's not forget that without the Reibman economic development bond there is no Steel Stacks and no Casino. Glenn had an economic development vision long before it was popular. Thanks. I for one hope he runs.
I to know Heckman and the wedge you are trying to drive is just not there. Ron will not support Callahan over Reibman.
Glenn has something Ron doesn't have, a healthy politcal cash reserve and financial committments as well as great name recognition. By the way Stoffa cost us $25 milklion with the swaption, its called lack of leadership.
the dead should stay dead.
Glenn must be getting bed sores from the bridge commission hammock. Trough sloppers like he should be tarred and feathered.
Bernie:
Interesting that you run a story about the swaption just above a story about Mazziotti where you claim he saved Northampton County millions. One of his last official acts before he took his pension and left was to advise Council NOT to end the swaption. The cost then was $13 million and the final settlement was $25 million. The minutes from the meeting on March 3, 2011 with Vic's great advice:
In response to Mr. Angle’s question as to what impact
inflation and increasing rates have on the Swaption, Mr.
Mazziotti advised the Swaption itself would come down during an
inflation because the swap was the difference between what the
County had to pay the counter party, which was 4.9%, and what
they had to pay the County, which was based on an index of interest bonds. In answer to Mr. Angle’s question as to whether he would retire the Swaption today or wait, MR. MAZZIOTTI STATED HE WOULD WAIT. (caps added)
Nice
JC is coming in strong. He will kick union butt, get rid of the hall walkers and the unquaified. Look out Community and Econ dev - Callahan wants one that actually creates businesses and jobs. Can't wait to see the changes.
Unfortunately you will then see Bethlum go down the tubes as donchez trips over himself trying to figure out which way to go.
"Let's not forget that without the Reibman economic development bond there is no Steel Stacks and no Casino"
This is a reference to Glenn Reibman's idiotic $111 million bond, in which public money was invested in private enterprise.
The revitalization of Bethlehem's south side would have occurred with or without that bond money which did NOT go to the casino or teel Staz. It went to places like Lou Pektor's condo at Starters, which is pretty much broke and something of a disaster.
" The cost then was $13 million and the final settlement was $25 million. The minutes from the meeting on March 3, 2011 with Vic's great advice:"
It is certainly true that, for a brief period when interest rates were going the other way, Mazziotti did recommend not pulling the trigger. The rst of the time he did He was put in the unenviable position of being forced to gamble with taxpayer money, thanks to Glenn Reibman.
Heckman does not need Callahan's help to get on council nor is he seeking it..He's run extremely strong everytime he has run. Actually he'd be a counterweight to Callahan's inexperience if he should win executive and Ron is elected to council..
I'm sure he'll take it and he'll need it. In his recent electoral forays, he has lost on his own. As I recall, he was unsuccessful in a primary for Bethlehem City Council a few years ago.
What a sad state of affairs in NC and LC political circles.
It's a race to the bottom and taxpayers be damned!
Clean them all out. If we could only get voters to always dump the incumbants or prior office holders.But then they always get cushy jobs like the bridge commission.
O'Hare.....you are one sick dude. Halloween is over and here you are putting your trick or treat gags on your Blog. Reibman didn't get one vote from the workers or the families of Northampton county employees. He also didn't endear himself to the Retirees of Northampton County. You list a number of reasons why people won't vote for him they are all good legitimate reasons. This story is a joke of some kind. No candy in your halloween bag this year Bernie. Your a few days too late.
(a former County empoyee)
Bob D is a better man on his worse day than John C. Better man and brighter man. Both.
There is a big difference between running a county campaign and a citywide campaign. Callahan will need to focus on his own campaign. He's no sure bet..Heckman doesnt need him and shouldn't take a penny from him. Heckman has a better name for a county run..When he ran in bethlehem he was up against many familiar bethlehem names..If he runs , he'll finish high without Callahan's help..Another thing, he's retired now..he' has alot more time to campaign...
Does this mean he wants to sleep on his desk again? Ask him why his YMCA membership was suddenly revoked.
Ron Heckman would be an excellent member of Council, but i do think he'll need help getting is message out there,based on his performance in a City Council race. I'd vote for him. But he does need to distance himself from the haters.
"Ask him why his YMCA membership was suddenly revoked."
What is the story here.
Mr. Roboto Reibman should stay in the old folks home for political hacks the DRBA. If he runs we will have to organize teams of zombie killers to stop him. He should use his $70 k war chest to buy a personality. He has about as much charisma as dirt. But the ying to his yang is Hickey, his blustery bag man who wants desperately to get back in the game.
I am with 6:19 am,
"The dead should stay dead."
Yuk, horrible thought, Glenn county executive again.
Get a life!
Reibman is a welcome choice to Callahan and his clan. Ask him what happened at the Apollo.
You people love to make jokes aobut a medical condition. O'Hare finds that really funny. I guess he feels cancer is a riot too.
In this post, I made no reference to Reibman's medical condition. As I understand it, he suffers from narcolepsy, which is no big deal. the cmparison to cancer is a bit over the top, but that's you.
Hey O'Hare. Everyone knows your Callahan connection is Jim Hickey.
He is really playing you for all you are worth.
What does this have to do with whether Glenn Reibman is running? What does this have to do with Reibman's narcolepsy, which you felt the need to bring up? With people like you in Reiman's corner, he should go very far.
The people support Mr. Reibman, no more Stoffa look a likes. Callahan is a Stoffa, just more sleazy.
Bernie, this type of character assassination is unkind. When you do it, it does not bring out the best in you. You are better than this.
Callahan and Stoffa could not be more different.
9:12, I'm assassinating nobody's character. I am pointing out wht former Exec Glenn Reibman is former Exec Glenn Reibman. He did a terrible job, and I could into even more detail.
As for his narcolepsy, I made no mention of it. Someone else criticized me for smearing him over that when I did not even mention it. But in reality, that is a factor one would have to consider in deciding whether this guy is suitable. I, for one, would not someone who is going to fall aslep in the middle of a hurricane. I don't give shit whether that bothers you, and it is no personal attack. It is a factor that would have to be explained. He fell asleep during important meetings. I don't want that.
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